AMGNAmgen

Health care · Biotechnology · Nasdaq

Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) discovers, develops, manufactures and delivers innovative medicines to fight some of the world’s toughest diseases. 10-K, Item 1

Headquarters: Thousand Oaks, CA
CEO: Robert A. Bradway
Next results: around Feb 2, 2027

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AMGN and 9 peers, year by year

The 9 Health care companies closest to AMGN in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
AMGN Amgen	FY2025	$36.8B	+10.0%	-	24.7%	21.0%	22.0%	89.1%	6.31
MDT Medtronic	FY2026	$36.4B	+8.4%	-	17.8%	13.2%	14.9%	9.7%	0.57
GILD Gilead Sciences	FY2025	$29.4B	+2.4%	-	34.0%	28.9%	32.1%	37.5%	1.10
TMO Thermo Fisher Scientific	FY2025	$44.6B	+3.9%	-	17.4%	15.0%	14.1%	12.6%	0.80
ABT Abbott Laboratories	FY2025	$44.3B	+5.7%	-	18.2%	14.7%	16.7%	12.5%	0.25
BMY Bristol Myers Squibb	FY2025	$48.2B	−0.2%	-	-	14.6%	26.7%	38.2%	2.55
SYK Stryker Corporation	FY2025	$25.1B	+11.2%	64.0%	19.5%	12.9%	17.1%	14.5%	0.66
DHR Danaher Corporation	FY2025	$24.6B	+2.9%	59.1%	19.1%	14.7%	21.4%	6.9%	0.35
BDX Becton Dickinson	FY2025	$21.8B	+8.2%	-	11.8%	7.7%	12.2%	6.6%	0.76
GEHC GE HealthCare	FY2025	$20.6B	+4.8%	40.0%	13.4%	10.1%	7.3%	20.1%	1.01

Revenuepeer median $29.4B

Sales growthpeer median +4.8%

Gross marginpeer median 59.1%

SYK 64.0%
DHR 59.1%
GEHC 40.0%
AMGN -
MDT -
GILD -
TMO -
ABT -
BMY -
BDX -

Operating marginpeer median 18.0%

Net marginpeer median 14.6%

FCF marginpeer median 16.7%

Return on equitypeer median 12.6%

Debt / equitypeer median 0.76

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	$23.0B	$22.8B	$23.7B	$23.4B	$25.4B	$26.0B	$26.3B	$28.2B	$33.4B	$36.8B
MDT Apr	$28.8B	$29.7B	$30.0B	$30.6B	$28.9B	$30.1B	$31.7B	$31.2B	$32.4B	$33.5B
GILD Dec	$30.4B	$26.1B	$22.1B	$22.4B	$24.7B	$27.3B	$27.3B	$27.1B	$28.8B	$29.4B
TMO Dec	$18.3B	$20.9B	$24.4B	$25.5B	$32.2B	$39.2B	$44.9B	$42.9B	$42.9B	$44.6B
ABT Dec	$20.9B	$27.4B	$30.6B	$31.9B	$34.6B	$43.1B	$43.7B	$40.1B	$42.0B	$44.3B
BMY Dec	$19.4B	$20.8B	$22.6B	$26.1B	$42.5B	$46.4B	$46.2B	$45.0B	$48.3B	$48.2B
SYK Dec	$11.3B	$12.4B	$13.6B	$14.9B	$14.4B	$17.1B	$18.4B	$20.5B	$22.6B	$25.1B
DHR Dec	$16.9B	$18.3B	$19.9B	$17.9B	$22.3B	$24.8B	$26.6B	$23.9B	$23.9B	$24.6B
BDX Sep	$12.5B	$12.1B	$16.0B	$17.3B	$16.1B	$19.1B	$18.9B	$19.4B	$20.2B	$21.8B
GEHC Dec	-	-	-	-	-	$17.6B	$18.3B	$19.6B	$19.7B	$20.6B
Peer median	$18.9B	$20.8B	$22.3B	$24.0B	$26.8B	$27.3B	$27.3B	$27.1B	$28.8B	$29.4B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	+6.1%	−0.6%	+3.9%	−1.6%	+8.8%	+2.2%	+1.3%	+7.1%	+18.6%	+10.0%
MDT Apr	-	+3.0%	+0.8%	+2.0%	−5.4%	+4.2%	+5.2%	−1.4%	+3.6%	+3.6%
GILD Dec	−6.9%	−14.1%	−15.2%	+1.5%	+10.0%	+10.6%	−0.1%	−0.6%	+6.0%	+2.4%
TMO Dec	+7.7%	+14.5%	+16.4%	+4.9%	+26.1%	+21.7%	+14.5%	−4.6%	+0.1%	+3.9%
ABT Dec	+2.2%	+31.3%	+11.6%	+4.3%	+8.5%	+24.5%	+1.3%	−8.1%	+4.6%	+5.7%
BMY Dec	+17.3%	+6.9%	+8.6%	+15.9%	+62.6%	+9.1%	−0.5%	−2.5%	+7.3%	−0.2%
SYK Dec	+13.9%	+9.9%	+9.3%	+9.4%	−3.6%	+19.2%	+7.8%	+11.1%	+10.2%	+11.2%
DHR Dec	+17.0%	+8.6%	+9.9%	+5.1%	+24.4%	+32.2%	+7.4%	−10.3%	−0.1%	+2.9%
BDX Sep	+21.4%	−3.1%	+32.2%	+8.2%	−1.0%	+19.0%	−1.4%	+2.7%	+4.2%	+8.2%
GEHC Dec	-	-	-	-	-	-	+4.3%	+6.6%	+0.6%	+4.8%
Peer median	+13.9%	+7.8%	+9.6%	+5.0%	+9.2%	+19.1%	+4.3%	−1.4%	+4.2%	+3.9%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	-	-	-	-	-	-	-	-	-	-
MDT Apr	68.3%	68.7%	69.8%	-	-	-	-	-	-	-
GILD Dec	-	-	-	-	-	-	-	-	-	-
TMO Dec	-	-	-	-	-	-	-	-	-	-
ABT Dec	-	-	-	-	-	-	-	-	-	-
BMY Dec	74.5%	70.7%	71.3%	69.1%	72.3%	-	-	-	-	-
SYK Dec	66.3%	65.7%	65.7%	65.1%	63.1%	64.1%	62.8%	63.7%	63.9%	64.0%
DHR Dec	55.3%	46.8%	47.8%	55.7%	56.0%	61.4%	60.8%	58.7%	59.5%	59.1%
BDX Sep	48.0%	49.1%	45.5%	47.9%	47.1%	-	-	-	-	-
GEHC Dec	-	-	-	-	-	40.8%	39.1%	40.5%	41.7%	40.0%
Peer median	66.3%	65.7%	65.7%	60.4%	59.5%	61.4%	60.8%	58.7%	59.5%	59.1%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	42.6%	43.6%	43.2%	41.4%	35.9%	29.4%	36.3%	28.0%	21.7%	24.7%
MDT Apr	18.6%	18.1%	22.2%	20.5%	16.6%	14.9%	18.2%	17.6%	15.9%	17.8%
GILD Dec	58.0%	54.1%	37.1%	19.1%	16.5%	36.3%	26.9%	28.0%	5.8%	34.0%
TMO Dec	13.5%	14.2%	15.5%	18.0%	24.2%	25.6%	18.7%	16.0%	17.1%	17.4%
ABT Dec	14.5%	5.7%	11.9%	14.2%	15.5%	19.6%	19.2%	16.2%	16.3%	18.2%
BMY Dec	-	-	-	-	-	-	-	-	-	-
SYK Dec	19.2%	18.5%	18.7%	18.2%	15.5%	15.1%	15.4%	19.0%	16.3%	19.5%
DHR Dec	16.2%	14.0%	15.4%	18.3%	19.0%	25.7%	28.3%	21.8%	20.4%	19.1%
BDX Sep	11.5%	12.6%	9.4%	10.2%	5.7%	11.8%	12.1%	10.9%	11.9%	11.8%
GEHC Dec	-	-	-	-	-	15.9%	13.8%	12.5%	13.3%	13.4%
Peer median	16.2%	14.2%	15.5%	18.2%	16.5%	17.7%	18.4%	16.9%	16.1%	18.0%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	33.6%	8.7%	35.3%	33.6%	28.6%	22.7%	24.9%	23.8%	12.2%	21.0%
MDT Apr	12.3%	13.6%	10.4%	15.2%	16.6%	12.0%	15.9%	12.0%	11.4%	13.9%
GILD Dec	44.4%	17.7%	24.7%	24.0%	0.5%	22.8%	16.8%	20.9%	1.7%	28.9%
TMO Dec	11.1%	10.6%	12.1%	14.5%	19.8%	19.7%	15.5%	14.0%	14.8%	15.0%
ABT Dec	6.7%	1.7%	7.7%	11.6%	13.0%	16.4%	15.9%	14.3%	31.9%	14.7%
BMY Dec	22.9%	4.8%	21.8%	13.2%	−21.2%	15.1%	13.7%	17.8%	−18.5%	14.6%
SYK Dec	14.5%	8.2%	26.1%	14.0%	11.1%	11.7%	12.8%	15.4%	13.2%	12.9%
DHR Dec	15.1%	13.6%	13.3%	16.8%	16.4%	25.9%	27.1%	19.9%	16.3%	14.7%
BDX Sep	7.8%	9.1%	1.9%	7.1%	5.4%	10.9%	9.4%	7.7%	8.4%	7.7%
GEHC Dec	-	-	-	-	-	12.8%	10.4%	8.0%	10.1%	10.1%
Peer median	13.4%	9.9%	12.7%	14.2%	12.1%	15.1%	15.5%	14.3%	11.4%	14.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	$9.6B	$10.5B	$10.6B	$8.5B	$9.9B	$8.4B	$8.8B	$7.4B	$10.4B	$8.1B
MDT Apr	$4.2B	$5.6B	$3.6B	$5.9B	$6.0B	$4.9B	$6.0B	$4.6B	$5.2B	$5.2B
GILD Dec	$16.3B	$11.3B	$7.5B	$8.3B	$7.5B	$10.8B	$8.3B	$7.4B	$10.3B	$9.5B
TMO Dec	$2.8B	$3.5B	$3.8B	$4.0B	$6.8B	$6.8B	$6.9B	$6.9B	$7.3B	$6.3B
ABT Dec	$2.1B	$4.4B	$4.9B	$4.5B	$5.7B	$8.6B	$7.8B	$5.1B	$6.4B	$7.4B
BMY Dec	$1.8B	$4.2B	$6.1B	$7.4B	$13.3B	$15.2B	$11.9B	$12.7B	$13.9B	$12.8B
SYK Dec	$1.4B	$961.0M	$2.0B	$1.5B	$2.8B	$2.7B	$2.0B	$3.1B	$3.5B	$4.3B
DHR Dec	$2.9B	$2.9B	$3.4B	$3.3B	$5.4B	$7.1B	$7.4B	$5.8B	$5.3B	$5.3B
BDX Sep	$1.9B	$1.8B	$2.0B	$2.4B	$2.8B	$3.5B	$1.5B	$2.1B	$3.1B	$2.7B
GEHC Dec	-	-	-	-	-	$1.4B	$1.8B	$1.7B	$1.6B	$1.5B
Peer median	$2.4B	$3.9B	$3.7B	$4.3B	$5.9B	$6.8B	$6.9B	$5.1B	$5.3B	$5.3B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	41.8%	46.0%	44.5%	36.5%	38.9%	32.3%	33.4%	26.1%	31.1%	22.0%
MDT Apr	14.5%	18.9%	12.1%	19.2%	20.8%	16.2%	18.9%	14.7%	16.1%	15.5%
GILD Dec	53.6%	43.3%	33.8%	37.1%	30.5%	39.6%	30.6%	27.4%	35.8%	32.1%
TMO Dec	15.4%	16.7%	15.5%	15.8%	21.2%	17.3%	15.4%	16.2%	16.9%	14.1%
ABT Dec	10.0%	16.2%	16.0%	14.1%	16.5%	20.1%	17.9%	12.6%	15.1%	16.7%
BMY Dec	9.5%	20.3%	27.1%	28.2%	31.3%	32.8%	25.9%	28.1%	28.9%	26.7%
SYK Dec	12.6%	7.7%	15.0%	10.4%	19.4%	16.0%	11.0%	15.3%	15.4%	17.1%
DHR Dec	17.4%	15.9%	17.3%	18.5%	24.3%	28.7%	27.8%	24.2%	22.2%	21.4%
BDX Sep	14.9%	15.1%	12.3%	13.7%	17.2%	18.0%	7.9%	10.9%	15.5%	12.2%
GEHC Dec	-	-	-	-	-	7.7%	9.9%	8.8%	7.9%	7.3%
Peer median	14.7%	16.5%	15.8%	17.2%	21.0%	18.0%	17.9%	15.3%	16.1%	16.7%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	25.8%	7.8%	67.2%	81.1%	77.2%	88.0%	179.0%	107.8%	69.6%	89.1%
MDT Apr	6.8%	8.0%	6.1%	9.2%	9.4%	7.0%	9.6%	7.3%	7.3%	9.7%
GILD Dec	71.5%	22.6%	25.5%	23.9%	0.7%	29.5%	21.6%	24.8%	2.5%	37.5%
TMO Dec	9.4%	8.8%	10.7%	12.5%	18.5%	18.9%	15.8%	12.8%	12.8%	12.6%
ABT Dec	6.8%	1.5%	7.8%	11.9%	13.7%	19.8%	18.9%	14.8%	28.1%	12.5%
BMY Dec	27.6%	8.6%	35.1%	6.7%	−23.8%	19.5%	20.4%	27.3%	−54.8%	38.2%
SYK Dec	17.2%	10.2%	30.3%	16.3%	12.2%	13.4%	14.2%	17.0%	14.5%	14.5%
DHR Dec	11.1%	9.5%	9.4%	9.9%	9.2%	14.2%	14.4%	8.9%	7.9%	6.9%
BDX Sep	12.8%	8.5%	1.5%	5.8%	3.7%	8.8%	7.0%	5.8%	6.6%	6.6%
GEHC Dec	-	-	-	-	-	13.5%	20.5%	22.0%	23.6%	20.1%
Peer median	11.9%	8.7%	10.0%	10.9%	9.3%	14.2%	15.8%	14.8%	7.9%	12.6%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	1.16	1.40	2.71	3.09	3.51	4.97	10.64	10.37	10.23	6.31
MDT Apr	0.60	0.67	0.51	0.51	0.49	0.51	0.46	0.47	0.50	0.53
GILD Dec	1.39	1.64	1.28	1.09	1.73	1.27	1.19	1.09	1.38	1.10
TMO Dec	0.76	0.78	0.71	0.62	0.71	0.91	0.91	0.82	0.67	0.80
ABT Dec	1.07	0.90	0.64	0.58	0.57	0.50	0.46	0.38	0.30	0.25
BMY Dec	0.41	0.62	0.49	0.96	1.39	1.37	1.39	1.34	3.15	2.55
SYK Dec	0.72	0.66	0.72	0.80	1.01	0.84	0.71	0.59	0.59	0.66
DHR Dec	0.65	0.41	0.35	0.72	0.53	0.49	0.40	0.38	0.33	0.35
BDX Sep	1.51	1.46	1.02	0.92	0.75	0.74	0.64	0.62	0.78	0.76
GEHC Dec	-	-	-	-	-	-	0.88	1.46	1.24	1.01
Peer median	0.74	0.72	0.68	0.76	0.73	0.79	0.71	0.62	0.67	0.76

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMGN Dec	$10.24	$2.69	$12.62	$12.88	$12.31	$10.28	$12.11	$12.49	$7.56	$14.23
MDT Apr	$2.48	$2.89	$2.27	$3.41	$3.54	$2.66	$3.73	$2.82	$2.76	$3.61
GILD Dec	$9.94	$3.51	$4.17	$4.22	$0.10	$4.93	$3.64	$4.50	$0.38	$6.78
TMO Dec	$5.09	$5.59	$7.24	$9.17	$15.96	$19.46	$17.63	$15.45	$16.53	$17.74
ABT Dec	$0.94	$0.27	$1.33	$2.06	$2.50	$3.94	$3.91	$3.26	$7.64	$3.72
BMY Dec	$2.65	$0.61	$3.01	$2.01	−$3.99	$3.12	$2.95	$3.86	−$4.41	$3.46
SYK Dec	$4.35	$2.68	$9.34	$5.48	$4.20	$5.21	$6.17	$8.25	$7.76	$8.40
DHR Dec	$3.65	$3.53	$3.74	$4.05	$4.89	$8.61	$9.66	$6.38	$5.29	$5.05
BDX Sep	$4.49	$4.60	$0.60	$3.94	$2.71	$6.85	$5.88	$4.94	$5.86	$5.82
GEHC Dec	-	-	-	-	-	$4.95	$4.22	$3.03	$4.34	$4.55
Peer median	$4.00	$3.20	$3.38	$4.00	$3.12	$4.95	$4.22	$4.50	$5.29	$5.05

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out AMGN and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on AMGN in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AMGN/export.csv") into a cell.